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The Sensex and the Nifty hit new fresh record highs as oil prices plunged following an OPEC decision to keep production cuts on hold.

The Sensex was trading higher by 304 points rallying to a lifetime high of 28,743 while the Nifty rallied 70 points in trade to yet another new high of 8565 points.

Leading the set of gainers from the Nifty was oil marketing stocks BPCL, which rallied almost 4 per cent in trade. HPCL also joined BPCL higher and was trading with gains of 4 per cent.

Banking stocks were having a good session in trade with stocks like ICICI Bank hitting a new fresh 52-week high. HDFC Bank and Yes Bank joined other banking stocks higher.

Mid cap stocks also saw buying interest with Jubilant Foods, Just Dial and Voltas among the gainers. Realty stocks also jumped on hopes that the Reserve Bank of India would cut interest rates going forward. Stocks like Godrej and Unitech gained ground.

Shares in 8K Miles gained 5 per cent after reports that the firm acquired SERJ Solutions. Shares in Strides Arcolab jumped after Macquarie raised its target price for the stock.

Meanwhile, most of Asia was trading with gains after the US markets surged to yet another record high. Gains were seen in the Japanese Nikkei and the Hong Kong's Hang Sang.

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